Currency Wars

Currency Wars

The Making of the Next Global Crisis

Book - 2011
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Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue.--Jacket.
Publisher: New York : Portfolio/Penguin, c2011
ISBN: 9781591844495
Branch Call Number: 332.4 RIC
Characteristics: xv, 288 p. ; 24 cm


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Dec 09, 2019

I have understood finally the purpose of Fed, IMF and G20. Things have clicked in for me in relation to news about the price of yuan etc and why currency exchange rates are such a big deal for economists and policy makers. That was very interesting and entirely new for me.

I am not convinced with the danger of a complete chaos. As the author describes, policy makers had no clue about what they were doing since the time of dawn :) and did everything wrong :); and well, the economy is chugging in, markets are still high, sometimes markets fall, some people lose money, some get badly hurt, but then things pick up again.

One has to have useful skills, be willing to grow and work, and to take care of his/her health. This is a better investment than sitting on gold ingots, I think :).

Dec 20, 2014

Rickards is unusual in explaining about currency wars--a phenomena that drives international economics and is poorly treated by academics. FX players don't seem to write books. This subject is better understood in terms of national strategy, economic crises and interactions with other nations in the international markets. Just his coverage of the three major currency wars in the last century is worth reading. The 2nd half of the book focuses on the current currency war, and is covered/updated in Rickards current book, "The Death of Money".

Jul 31, 2014

I'm with StarGladiator. Rickards writes like a person with autism - obsessed with a very narrow, self-serving view that raises serious questions more about the quality of his research than his subject. Which is worse - his plain bad writing or the self-congratulatory style typical of yesterday's bankster lawyers, who have used their Industrial Age monopoly, not talent, to pretend that reading and writing are somehow rocket science and far more valuable than actually knowing how to make something useful. They are worse than economists. To understand what is broken in today's economic system, the preferred text, in my view, is Antifragile by Nassim Nicholas Taleb. One needs a strong stomach to overcome Black Swan's enormous ego but the guy at least is real. He has been a player. Rickards is just yesterday's wanna-be.pundit who fizzles rather than sizzles. Currency Wars is like the stale odor of a tea party fart that lingers after the explosion.

Apr 05, 2013

This book is yet another misleading, misdirectional farce from Wall Street - - or maybe underwritten with a fractional amount of those missing DoD funds (last count: $8.7 trillion). "Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years." Huh? They were cheerleaders (Volcker, Reich, Jeffrey Sachs, Alan Blinder, and most especially, Harvard's Martin Feldstein) of it, as that was what they (and Larry Summers) were paid to do! "The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance..." Huh? The Fed is the PR office for the banksters, and they do what their overclass orders them to do. Period. A specious book, although the author is correct that currency wars are taking place, and most probably with dire consequences for the majority of us! Negative rating, but worth skimmng. (2014 Update: $1 trillion in QE funds were pumped into the banks for their proprietary trading to prop up the NYSE for the .001%, and hedge fund speculation in 2013, which had less job creation in the US than the year prior. Also, corporations spent $500 billion in stock buybacks, furthering inflating the price of stocks. With 8 million fulltime jobs officially lost, and 2 million new jobs officially "created" [note that the 2 million doesn't specify whether fulltime or parttime, or just temporary as the BLS considers a 4-hour temp job in the past month as a new job, just as it rates one hour of paid employment in the prior week of that month to constitute "employment"] - - hence the official title of a "jobless recovery" - - the fourth official jobless recovery since 1988.)

Sep 22, 2012

Quite interesting book and the author's background is impressive, don't let it be. The book is only giving you a part of the whole financial picture of today's world, keep that in mind if you read it, which it does more as novel.

Sep 11, 2012

Quite the insights on the current efforts by the US government (Obama admin) to stimulate the economy -- but, they are doing it as a currency war, with the USD devaluation. All other currencies are also devaluing, so its not working. How long can this last?
Solutions are lightly dealt with, but the focus on what and why of decisions is really the crux of this book.

q22 Jul 24, 2012

James Rickards is a smart man and in the business. This is a good discussion of the currency devaluation strategies that western gov'ts have undertaken over the 20th&21st century and how damaging they have been. It falls short on outlining the options that out modern currency masters are likely to employ and the impact of various strategies, but it provides a very good basis for understanding the how's and why's of their significant moves. He's convincing, that the future looks very bad, but again a little light in describing the nimbleness that one will likely need in managing their investments as deflation threatens and particularly in when inflation starts rotating around different sectors at significantly different rates. One must only look at the housing market in Canada over the past decade relative to other investments to see the type of problems that are about to get significantly more troublesome in investment decision making.

Dec 30, 2011

A vital, tour-de-force account of where we find ourselves at the present stage, along with plenty of background history and previous developments in the field. Not to be missed. A cutting edge voice with authority on what looks to be one of the major issues of our time.
A quote, from page 176:
"...It is quite the high-wire act, amazing to behold. The Treasury and Fed resemble two drunks leaning on each other so neither one falls down. ...The Fed looks more like a poorly run hedge fund than a central bank."


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Oct 08, 2019

I read few chapters of Currency Wars: Showed of something happen that shuck USA, now in days how can Trump remove troops from middle east,

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